Indonesia · IDN · snapshot 2026-10-06
Indonesia
Measured
Currency movement
+5.3%
The local currency bought fewer euros at the end of this window than at the start — a cheaper entry for a euro-denominated buyer, and a worse exit for anyone already holding the asset.
What it does not show. It is not a forecast and not a property return. A currency move and a price move are different facts and routinely point opposite ways; nothing here says which way either is going next.
Foreign-buyer rules
2 of 2 published rules apply
These are the restrictions a foreign buyer meets before price is even discussed — approval regimes, surcharges, ownership limits.
What it does not show. It is not a completeness claim. A rule we have not read is not a rule that does not exist, and this row counts what is cited, not what is in force.
Cost of money
5.75%
The price of money to banks in this jurisdiction, which sets the floor everything else is priced from.
What it does not show. It is emphatically not a mortgage quote. What a non-resident is offered is a different number, usually much higher, and the gap between them is where a market's financing story actually lives.
Supply against absorption
Not measured
No statistics agency for this market has been read and cleared for republication. Two have been anywhere: Canada and Singapore. The data very likely exists; the permission to publish it has not been established.
Residential price cycle
89.0 against a 2015 base of 100
House prices have risen more slowly than consumer prices since 2015, or fallen — the market is below its own inflation-adjusted level of that year.
What it does not show. It is a position, not a direction, and it is not a valuation. Deflating by consumer prices says nothing about what the asset yields or what credit costs, and a market can sit above its 2015 level for years without that meaning anything is due.
Valuation against its own history
Not measured
The OECD house-price dataset does not carry this territory, so there is no ratio to state. The dataset covers its members and a set of partner economies, and most of the world is in neither.
On the market now
Not measured
No listings platform has been read for this market. The one platform this site can read covers Russian cities only, and inventing a count for anywhere else would be worse than an empty row.
No dossier has been written for this market yet. What follows is the measured layers and the rules, each with its source — not an argument about whether to be here. A market reaches this page as soon as two layers can be cited, because an unwritten thesis is a reason to publish less, not a reason to publish nothing.
The series behind those figures, and the workings
Currency
+5.3%
Twelve-month move in IDR per euro, 19399.6664 in 2025-09 to 20426.1809 in 2026-09. Positive means the local currency weakened. Source: European Central Bank monthly reference averages.
20104.8000
Latest daily fixing, IDR per euro on 2026-10-06. Shown because it is what a reader would see if they went and looked; the window above uses monthly averages, which one volatile day cannot move.
Against other base currencies
A market is cheap or dear relative to the capital entering it, so the same twelve months read differently depending on what the buyer holds. Both legs are quoted per euro, so the euro cancels and no third source is involved.
| Buyer holds | IDR per unit, 2025-09 | IDR per unit, 2026-09 | Twelve-month move |
|---|---|---|---|
| US dollar (USD) | 16535.3653 | 17741.4902 | +7.3% |
| Pound sterling (GBP) | 22325.5283 | 23803.2698 | +6.6% |
| Swiss franc (CHF) | 20749.2141 | 21661.1626 | +4.4% |
| Singapore dollar (SGD) | 12868.3791 | 13941.0554 | +8.3% |
| Australian dollar (AUD) | 10901.8070 | 12635.3787 | +15.9% |
Cost of money
5.75%
Central bank policy rate, 2026-08. Source: Bank for International Settlements.
This is the price of money to banks, not the price of money to a non-resident buying a building. The gap between those two is where a market’s financing story actually lives, and it is not in this number. A mortgage quote for a foreign buyer depends on the lender, the asset and the borrower, and no public dataset carries it.
BIS terms permit this figure on a free page and state that nothing in their statistics constitutes investment advice. They also allow inclusion in a commercial product only where it adds no charge, so this series is published here and is not priced into any paid work.
Background
Annual national statistics from the World Bank, under a licence that permits reuse with attribution. They describe the country; they do not time an entry, and they are not counted as measurements of this market — otherwise every territory on earth would claim to be measured on the strength of one dataset.
| Indicator | Value | Year |
|---|---|---|
| GDP per capita | 5,060 US$ | 2025 |
| Consumer price inflation | 1.9 % | 2025 |
| Population | 285,721,236 | 2025 |
| Urban population | 59.4 % of total | 2025 |
| Official exchange rate | 16,477.8652 per US$ | 2025 |
What the rules do to a foreign buyer
Each entry cites the instrument and the authority page it was read from, with the date it was retrieved. Facts of law change; the retrieval date is how you know how old this reading is.
| Topic | How it fails you | In force | When it bites | Applies to | What applies | Instrument | Read on |
|---|---|---|---|---|---|---|---|
| Hak milik, which only a citizen can hold, and the word 'indirectly' | Not allowedMoney does not open itThe property goes to the state | In forcefrom 1960-09-24 | On the way in | All propertyYour passportReaches a company too | Article 21 opens with a sentence that settles the question: only Indonesian citizens may hold hak milik, the freehold form of Indonesian title. A foreigner who comes to hold it through inheritance or through marriage must give it up within a year, and if they do not, the right is lost by operation of law and the land passes to the State. Article 26 then closes the routes around it, and the drafting is deliberately wide: every sale, exchange, gift, testamentary disposition and any other act intended to transfer hak milik to a foreigner, directly or indirectly, is void by operation of law and the land falls to the State. 'Directly or indirectly' is the operative phrase, because it reaches the nominee arrangement rather than only the open purchase — an agreement under which an Indonesian citizen holds for a foreign beneficiary is the thing the article names, and its consequence is not an unenforceable side letter but a void transfer and forfeited land. Hak guna usaha, the cultivation right, is similarly reserved by Article 30 to Indonesian citizens and to legal entities established under Indonesian law and seated in Indonesia. | Undang-Undang No. 5 Tahun 1960 tentang Peraturan Dasar Pokok-Pokok Agraria, Pasal 21, Pasal 26 and Pasal 30. Read from the full text published by the Ministry of Finance legal documentation service. | 2026-09-06 |
| Hak pakai, the route that exists, and what it asks of you first | Somebody has to say yesMoney does not open itYou paid and hold nothing | In forcefrom 1960-09-24 | On the way in | All propertyBoth are asked | The route for a foreign holder is hak pakai, the right of use, and Article 42 says exactly who may hold it: Indonesian citizens; a foreigner who is domiciled in Indonesia; a legal entity established under Indonesian law and seated in Indonesia; and a foreign legal entity that has a representative in Indonesia. Both foreign limbs carry a condition that has to be satisfied before the purchase rather than after it. An individual must be domiciled here, not merely visiting; an entity must already have a representative presence in the country. A fund with no Indonesian footprint does not fail this test at the registry — it fails it at the point of structuring, because the qualification cannot be created by the transaction itself. What hak pakai is worth compared with freehold, and on what terms it renews, is set outside this Act and has not been read here. | Undang-Undang No. 5 Tahun 1960 tentang Peraturan Dasar Pokok-Pokok Agraria, Pasal 42. Read from the full text published by the Ministry of Finance legal documentation service. | 2026-09-06 |
What is missing, and why
supply — Source does not cover this market
The dataset simply does not include this territory. Absent, not zero.
No statistics agency for this market has been read and cleared for republication. Two have been anywhere: Canada and Singapore. The data very likely exists; the permission to publish it has not been established.
What supports this, what would make it wrong, and how it could go
Record
| Why this market is on the list | Added because two layers already covered it from sources whose licences are confirmed — the ECB reference rate for the currency and the BIS policy rate for the cost of money — and neither needed a new grant, a new connector, or a new fetch. The friction layer was opened on 2026-09-06 from the text of the 1960 Basic Agrarian Law published by the Ministry of Finance's legal documentation service. Indonesia does not restrict foreign ownership so much as define it away: the strongest form of title is reserved to citizens by the statute's first sentence on the subject, and a transfer that reaches a foreigner even indirectly is void with the land passing to the State. It is on the screen because it is measured, not because it was chosen. |
|---|---|
| Dossier | None written. Layers and rules only, which is why this market reads as “Measured” rather than reviewed. |
| Next review | 2026-11-15 |
| Evidence snapshot | 2026-10-06 |